Orthopedic Accessories Market Scope and Opportunities Analysis 2018 - 2026

Posted by Pooja Mahajan on July 1st, 2019

Orthopedic accessories are used to support skeletal structure and joint movements in various types of fractures and artificial joints. Orthopedic accessories, such as bone cement, are used to reinforce stability in bone during an internal fixation surgery, whereas accessories such as bone casting are used in applications such as wrist joint replacement, hip replacement, and tibia alignment.

Based on product type, the orthopedic accessories market can be classified as bone cement, casting system, and removal systems. The casting system segment is projected to account for a dominate share of the orthopedic accessories market due to increase in immobilization of broken bones by casting system to promote healing. In terms of end-user, the orthopedic accessories market can be segmented into hospitals, orthopedic clinics, trauma fixation centers, and others. The hospitals segment is expected to hold considerable share of the orthopedic accessories market during the forecast period due to factors such as rise in the rate of hospitalization for orthopedic disorders, and wide range of services offered by hospitals under one roof.

Rise in aging population who are susceptible to joint problems and increase in incidence rate of injuries related to accidents and sports are some factors driving the orthopedic accessories market. According to a study carried out by the American Academy of Orthopedic Surgeons (AAOS), around 25% of sports injuries were related to lower extremities such as ankle and foot. In the last few years, serious bone injuries have been reported among professionals as well as amateur sportspersons. Moreover, development of products with more advantages such as better fatigue strength, higher visibility in x-ray are projected to drive the orthopedic accessories market. However, high cost of the surgical procedure and high stringent approval processes for products are anticipated to hamper the orthopedic accessories market in the next few years.

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In terms of region, the global orthopedic accessories market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global orthopedic accessories market. The region is projected to account for a significant share of the global orthopedic accessories market during the forecast period due to rise in incidence of orthopedic disorders. According to the Geriatric Orthopedic Surgery & Rehabilitation (GOS), the number of hip fractures in the U.S. are likely to reach 840,000 by 2040. Rise in geriatric population, availability of favorable reimbursement policies for surgical procedures are few factors that are anticipated to drive the orthopedic accessories market in Europe from 2018 to 2026.

In Europe, prevalence of disabilities caused due to osteoporosis is higher than those caused by cancer. This is also projected to boost the market in Europe. Additionally, according to the National Joint Registry in the U.K., more than 160,000 number of hip and knee procedures are performed every year. Increase in prevalence of musculoskeletal disorders and rise in adoption of advanced diagnostic tools in the health care system in the region are anticipated to fuel the orthopedic accessories market in Asia Pacific during the forecast period.

Moreover, rise in adoption rate of technologically advanced orthopedic products in hospitals and well developed hospital infrastructure in countries such as South Korea and Singapore are attracting market players to these countries. Increase in prevalence of orthopedic disorders and availability of modern diagnostic procedures, and favorable healthcare infrastructure, are likely to augment the orthopedic accessories devices market in Middle East & Africa during the forecast period.

Major players operating in the global orthopedic accessories market include DePuy Orthopaedics, Inc., Zimmer Holdings, Inc., Smith & Nephew Plc, Stryker Corporation, Biomet, Inc., and Orthofix International N.V.